TIP OF THE DAY: The Best Mistakes Are When Costs Are Low But Learning Is High

Paul SchoemakerPaul Schoemaker, University of Pennsylvania – Wharton

Today’s tip comes from Paul Schoemaker, research director of the Mack centre for Technological Innovation at the University of Pennsylvania’s Wharton School:

“Most people make asymmetric evaluation of gains and losses so that losses loom much larger than gains.
Look forward and base decisions on the future, not the past. The best kind of mistake is where the costs are low but the learning is high. If you are going to pay the price for making the mistake, you need to get the learning.”

Paul Schoemaker, research director of the Mack centre for Technological Innovation at the University of Pennsylvania’s Wharton School

—————

Want your business advice featured in Tip Of The Day? Submit your tips to [email protected]. Be sure to include your name, your job title, and a photo of yourself in your email.

Get Tip Of The Day Delivered To Your Inbox
It’s simple. It’s convenient. It’s free. Just complete the form below and click “Sign Up”.

Please Note: Business Insider will never share your information with any other companies. You also have the ability to unsubscribe from these newsletters at any time simply by following the unsubscribe link located at the bottom of each email

NOW WATCH: Ideas videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.


Tagged In

warroom-us